Macau seals sixth consecutive month of growth
Macau saw a 3% year-on-year rise in gambling revenue in January as the casino hub continued its revival.
Gambling revenue in January rose to 19.3 billion patacas ($2.4 billion / €2.2 billion), according to government-released data.
It was the sixth consecutive month of year-on-year growth, although the 3% increase did not match various analysts’ forecasts of a rise of between 7% and 10%.
The province’s gaming sector fell for a third year in a row in 2016 as a prolonged anti-corruption campaign and slowing economic growth sapped sentiment in the world’s largest casino hub.
Despite the revival beginning last August thanks to the opening of new resorts, gambling revenue fell 3.3% to $28 billion in 2016.
Revenue rose by 8% year-on-year in December to $2.5 billion.
“Macau gaming, now firmly at the bottom of the cycle, has better long-term prospects given investments in new supply, improvements in mass-market indicators and under-penetration of gaming throughout the rest of Asia,” said analyst Fitch in a December note.
Related article: Macau reveals lower gaming revenue losses in 2016